Fisker Plug-in Gets Huge Financing Boost
Fisker is a major player in the electric car market as it is evolving. Thanks to a huge financing boost from the Department of Energy, it should revolutionize what we drive.
The age of electric cars is upon us. There are a host of cars coming out in the next year or two that will officially launch what should be a revolution on the road. Given the mess in the Gulf of Mexico and oil prices that will only rise in the future as the finite resource is depleted, the age of electrical transportation is not only just around the corner, it is undeniable.
What comes to mind when you think of an electric car? The answer is probably something small, cube shaped and underpowered. Such cars obviously exist, but Fisker Automotive is taking a different approach somewhat akin to the Tesla car. Tesla, of course, has launched the beautiful, high performance electric sports car. Fisker is taking this one step further with the Fisker Karma, the first luxury electric sports car.
Every new idea runs into financing problems. Despite a horrific economic environment, Fisker has not had much problem. It picked up a cool $92 million in venture capital funding in the first quarter of 2010, but received an even bigger financial boost. The Department of Energy has given it a loan guarantee of over $528 million dollars.
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So, what will Fisker use it for? The company is going to take over a vacant General Motors plant in Wilmington, Delaware and build its car there. The plant will employee over 2,000 people when it gets up and fully running by 2015. The initial opening date will be in 2012, but it will take three years to get everything in place from production mechanisms to distribution channels to dealers and so on. Hey, nobody said launching a car is easy.
The age of the electric car is here. There is no longer any denying it. If the cars prove to be reliable and driveable, we will experience a fundamental shift in the way we get around. Just think, gasoline will become cheap and we’ll actually be able to breathe clean air in cities. What a concept!